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The Dark Pool Knight Capital Plummets
Forget Bane, Knight is going dark:
- *KNIGHT CAPITAL EXPERIENCING DELAY IN PROCESSING STOCK ORDERS
- *KNIGHT CITES 'TECHNOLOGY ISSUE' FOR PROCESSING DELAYS
- *KNIGHT TELLS CLIENTS TO EXECUTE TRADES ELSEWHERE FOR NOW
And the share price is now down 23%...
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Chinese are probing their security perimeter for the day the United States of Israel strikes Iran.
This is it!
~~~
http://usnews.nbcnews.com/_news/2012/08/01/13067471-man-allegedly-yells-this-is-it-at-batman-showing-panic-ensues?lite
PPT to battle stations immediately!
“This is it!” What a asshole.
Fun Little nugget:
William L. Bolster
Lead Director, Knight Capital Group, Inc., Retired Chairman
and Chief Executive Officer, CNBC International
Nominating and Corporate Governance Committee, ChairCompensation Committee, Member
Finance and Audit Committee, Member
William L. Bolster, Lead Director of the Company, has served on the Board since November 2003. Mr. Bolster was Chairman and Chief Executive Officer of CNBC International from July 2001 to November 2003 and was a consultant to CNBC International until February 2004. Prior thereto, he was President of CNBC from January 1996 until July 2001. Previously, Mr. Bolster was President and General Manager of WNBC-TV in New York. Mr. Bolster received a B.A. in Business Administration from Loras College in 1967.
Yelling "Fire!" would get you arrested...
"The witnesses also said no shots were fired and no shell casings were found, the affidavit said."
this kind of bullshit was in the article. no shell casing found....there wasnt even a gun. the idiot was just yelling. this has nothing to do with firearms but the media has to have a gun in the story...evn thou there wasnt one.
Serious ? I fully intend to cash out my 401k is now the time or is ben gonna pump it up ?
Definitely.
Cash out, buy physical metals asap!
Down 23%...now it appears the algos are feeding upon one of their own. Akin to a torpedo homing in on the very same boat which launched it.
We will hear hull cavitations soon enough.
KCG is a large MM for OTC stocks. Things went crazy there on the pink sheets this morning. Wonder if KCG is the next MFG/Peregrine disaster.
Reminds me of the BATS "incident". Probably too much volume or some failed systems somewhere, triggered by your friendly local HFT.
Usual suspects.
Correct and the OTC has been pretty much illiquid for the last 6 months. It's finally catching up with the MM.
No volume in OTC is the death of KCG.
Great news.
I've hated Knight Trading since 1999-2000 when we were shorting all the dotcoms and these fuckers were always faking bids on the Level III screens. I got so pissed off one day I called the CEO and yelled at him for 2 minutes about market manipulation and then I hung up and we shorted 50,000 shares of his company as our way of saying "Fuck You, prick."
We made a little bit and closed the trade a week later.
My fav story was shorting Redback Networks in 1999 - they announced a huge secondary that would allow insiders to dump millions of shares, but instead of going down, the stock rallied because Cramer was long Redback at his hedge fund and he had used 2 CNBC appearances that day to say how fucking great the secondary was because it meant that institutions would now be able to get into the company in size.
So I emailed CNBC reporter Bob Costello, (whom I had never communicated with before) with a long screed about how the secondary would DILUTE, and that cramer was a fucking monkey spouting garbage. And 15 minutes later, it was Costello's turn to report from the NAZ, and he immediately said 'I have this email just in from a Santa Monica based fund manager' and he proceeded to read my email ripping Redback and (Cramer the monkey) word for word on the air for about 45 seconds.
Meanwhile, I was sitting in my apartment in Santa Monica, on my couch, in my underwear. We were not really a hedge fund. I had about $15 million under management at the time. And I had just forged my way into a breathless Tom Costello CNBC report calling Jim Cramer a monkey.
I'm pretty sure it was the happiest moment of my life.
"Jim -- care for a banana ?"
+1. Great anectdote.
Its posts like these I wish I could give you more than a single +1
Bob Costello was the grandson of Lou Costello (of Abbot & Costello). He was one of the good guys at CNBC during the bubble mania. Always skeptical about the valuations and apparently willing to throw Cramer under the bus on the word of a small-time fund manager he had never met.
By the way, Redback eventually traded down to $1 (in 2003 or so) after hitting at least $200 on the high side in 2000.
Charles Manson sends his regards ...
Hmmmm where have I heard this before? Oh yeah the flash crash. Damned fat finger.
http://money.msn.com/top-stocks/post.aspx?post=84cf7386-3e10-4053-8dc3-0046efc47acc
It's not looking good. Underlying individual stocks are being sold...quite hard in some instances. SPY seems clueless, as always. I suspect we will find ourselves in illiquid circumstances shortly.
**additional: it seems like the coal stocks have run out of sellers, finally...one year later**
Jon Corzine may need to plan for a table of 3 now....and more party guests to join him soon.
What's that?
Quants listed Indian Power Grid experience on resume'?
Disintegration...
Those that live by the Algo shall die by the Algo .....Book Of Bankers Chapter 2 Verse 7
Like day and Knight!
Ultimate irony = algos invented to fend off human tendency to panic in the marketplace, algos applied to market, algos subsequently panic themselves.
And Man gazed deeply into the silvered glass that He fashioned and saw ... Himself.
Pretty soon we will be reduced to trading beads and trinkets with the other locals.
Or at least PMs for food and other stuff.
Beanie Babies
long wampum! (someone on ZH has already said this before, I know it)
This is what you get for running your trades on a Commodore 64.
:0)
So you say that I can give up waiting for an Atari conversion?
They are upgrading to a Packard Bell PC Clone with an 8 MB hard drive.
Best price on 4K DRAM! 6502's & Z80's, too!
Gold plated leadframes galore!
Oh, for that seventies glow...
Some trouble getting my 8" floppy up, though...
You're deluding yourself. It's only a 5" floppy.
Try cassette tapes.
If all these criminals were limited to running on Commodore 64s at least it would limit the damage they could do.
300 baud!
14.4k, if you were lucky.
Let's meet in the middle:
All HFTs must submit orders by 9600 FAX.
The glory days of 300 baud.
Press on pioneer.
Got a used VicMODEM I can sell ya...
I bet ya they are waiting for Indian IT customer service to pick up so they can come back online.
pods
"This is Peggy, how can I help you?"
Wow, are you sure that isn't a junior gold stock?
Reminds me of your mom...always going down.
Good one, Dr E. And don't forget: fruit never falls far from the tree.
The shitapple never falls far from the tree. Shit Apple - YouTube
"I am the liquor"
Watch out for that "water of life" stuff...
Goin down like Robo at the Saturday nite 'Boner Jam' at the Blue Swallow Bar.
A "White Swallow" would seem more appropriate. Or perhaps the Blue Oyster?
http://www.youtube.com/watch?v=tTJMerul33E
Like Netflix resources?
I wondered when the NFLX Schadenfreude would hit ZH: new 52-week low today for good ol NFLX. The stock you can always count on going down.
Glad my money is safe...diversified with 50% PGF and MFG and the other 50% in FB and Zynga.
I read 'diversification' is a good idea...safety when you diversify, right?
Where's our Knight in Shinning Armour?
Seems like someone entered a alogorithm which sells all shares to push price down 25%. Who would have thought of that?
"theres no money here!!"
"Then why are all you brokers here?!"
(forgive my memory of the direct quotes).
this is what you get when you pay your programmers $10 an hour. They need to pay them at least $15.
Better yet , pay them the VWAP of the rate the CFTC investigators get.
Broker: "This is a stock exchange. There's no money to steal!"
Bane (through mask): "Oh yeah? Then what are YOU doing here?"
I'd love to see another 23% dump in FaceSuck right now.
Wait, does this mean that I should BTFD? Somebody please tell me when down is bad again!!! /sarc
There's never a computer "glitch" when the market is going up!
Is it just me or does it seem like 'technology issues' seem to coincide with Fed meetings, ECB announcements, etc... Maybe it's India's fault; I hear they are having some power issues.
quick Robin, to the batmobile!
But it lost a wheel, and the Joker got away!
Adds a whole new meaning to yelling 'FIRE' in a crowded theatre!
thought you all would like a good laugh from todays Daily Yahoo finance embarassment. Marissa has her work cut out.
http://finance.yahoo.com/blogs/breakout/nevermind-fed-stocks-going-higher-says-cote-145608432.html
Yahoo Finance < CNBC
Actually, Yahoo Finance = CNBC. They have quite the symbiotic "partnership" now, proudly exhibited on YF's front page.
The comments section on Yahoo Finance is almost as bad as YouTube's as far as idiotic posts by morons. I can't see where CNBC's reputation will be helped by associating with the Hoi Polois at Yahoo. Dumb and dumber.
Heat Death of the HFT Alliance.
They might want to get that fixed before, say, 2:15 today.
One down...how many more to go?
"...he knows who I am. I am the Night Rider! I am the chosen one! The mighty hand of vengeance sent down to strike the un-roadworthy."
http://youtu.be/gKPEOfybQak?t=56s
oh, go fly a kit
We'd all do well to recall the Night Rider died crying...
When I look up in the night sky, I remember.
uhhh, I'm going to go out on a limb here and say...BUY knight
they have a tech glitch and the stock drops 20%? sounds like a knee jerk overshoot to me.
Well you go buy it then.
I am
Wow nice buy there drivenZ only down another 10%!
Wait until the entire market does this - all at once.
"We're having the best year since 2003 and the second-best year since 1998, so investors need to get into the market regardless of what the Fed does," says Doug Cote, chief market strategist at ING Investment Management
thank goodness!
more [client account vaporization?] data for the "volkerRule", now approaching Liberty itself for being "honored in the breach" by criminals with taxmoney and total air superiority and fire power
...BiCheZ!
Market Maker no more. More like Market shaker. This is what you get for manipulating the spreads of securties all day every day.
I just wonder if their problems have to do with this
http://www.valuewalk.com/2012/07/knight-securities-likely-to-accept-nasd...
There is a posting up for an Operations Manager in Jersey City. The requirement is the thing you worked on before had to stay up and running from at least 9:30 to 9:33.
Why is it NEVER called a 'technical malfunction' when markets go UP 5%??
Is the power still out in India?
Hillarious. The economies are crashing all across the world and sheep are still glued to their TeeVee listening to Bagdad Bob's army about how more of the same QE would stave off a recession.
Money is worthless. The confidence is fleeting. Why is the Last One supposed to turn off the lights? I mean who cares if the lights stayed on when everything goes to shit? Is collapse in a dark room a better event? Which brings me to my initial question.
Do Indians care if the someone suggested there to the Last One to turn off those lights?
Edit: Power in India is back on. For now. But nobody knows what happened.
The sheeple will never change, theyre shit apples.....when a shit apple fall from the tree and grows up in a field of shit, it becomes a shitapple tree, no question about it.
Shit Apple - YouTube
You're on to something. You could take a time machine and bring back a guy from ancient Greece, pluck him in front of a TeeVee with a bowl of popcorn and he'd be sitting there and believing it all. No evolution whatsoever. We're never escaping this planet of Dumb. Creator either played a really sick joke or random atoms of shitapples crashing millions of years ago and the result is shitapples.
"We get signal:
Gentlemen, all your circuits (base) are belong to us
you are on the way to destruction
what you say!"
Programmers are on vacation.
Programmers are in India.
We won't know how serious this is until Jamie checks his pockets.....
"This is only a sentencing hearing, and your choice is exile or death."
"Death."
"Okay. Sentenced to death then... by exile."
For all of you who trade through Scottrade.com Rodger O. Riney (owner of Scottrade) was a founder and board member of KCG.
http://www.knight.com/investorrelations/secText.asp?id=0001193125-06-073441&doc=1&num=8
Rodger O. Riney the next Russell Wasendorf Sr. ??
One word comes to mind: "Vaporized"
The Dark Knight faces his destiny... spoil?
Perhaps Knight should consider sponsoring the US diving team, assuming they have any spare cash lying around after today. New customer service motto "We'll go off the deep end for you".